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Insurance Ireland
Diversity & Inclusion
June 2019
© 2019 Deloitte Ireland LLP. All rights reserved.
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 2
Kevin Thompson, CEO, Insurance Ireland
Foreword
Pride, as well as supporting the Dive In festival of diversity and inclusion in insurance. Our
overall aim is to ensure cross-industry buy-in as well as complementing the work and initiatives
already taking place within our member companies.
The ambition of this Diversity & Inclusion booklet is to help guide insurance companies as to
how to achieve greater diversity and inclusion within their organisation. From interaction with
our members, we are very aware that biggest obstacles for companies in this area is knowing
where to begin and how to go about doing it correctly. This is especially true for small to mid-
tier size organisations. Thank you to the Insurance Ireland Inclusion Committee for their time
and assistance in helping to bring this report to fruition.
We are delighted to be working with Deloitte on this initiative and are committed to facilitating
the necessary diversity and inclusion discussions at an industry level.
Diversity and inclusion (D&I) is fundamental to the future of our
industry. The insurance sector is taking a proactive approach to
make these improvements; increasing understanding of best
practices, promoting industry initiatives and engaging with non-
industry experts and advocacy groups.
Insurance Ireland is actively involved in a vast range of activity
taking place within the diversity and inclusion arena for our
sector. This includes work we are undertaking with our Talent
Strategic Alliance Partner, Deloitte, via our Inclusion Committee
with members from across the industry, and participation with
The 30% Club including its Financial Services Committee.
We still have a lot to do, as reflected by the recent comments
by the Central Bank of Ireland (CBI) in relation to culture and
diversity and inclusion within the financial services sector.
However, our membership is very engaged and undertakes
activity around the likes of International Women’s Day and
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 3
Teresa Kelly Oroz, Chair of Insurance Ireland’s
Inclusion Committee
Introduction
(CBI), while recognising that a number of firms are addressing diversity and inclusion in a
meaningful and serious way, has pointed to a lack of diversity at the most senior levels across the
Irish financial services industry. They have called for action to improve this to help to continue to
improve decision-making, internal challenge and culture. Insurance Ireland and the Inclusion
Committee have met with Ed Sibley, Deputy Governor, Prudential Regulation at the CBI to inform
our thinking and development in relation to our diversity and inclusion activity. The opportunity to
discuss this priority area for our industry is invaluable and we will continue to take a leadership
role in promoting diversity and inclusion best practices.
Insurance Ireland’s member companies and Inclusion Committee are involved in initiatives
throughout the year as an intrinsic part of wider industry activity, and this includes participation
in International Women’s Day, ongoing activity with The 30% Club, the Dive In festival, and
Dublin LGBTQA Pride.
It is with all of this in mind that we, the Inclusion Committee and Deloitte, have created this
Diversity & Inclusion Guide. We know from member and industry engagement that this support is
necessary. Insurance organisations are keen to achieve greater diversity and inclusion, but they
do not know where to start or how to undertake it correctly. This guide aims to answer those
questions and help to get a practical plan in place.
Thank you to all of the members of the Inclusion Committee for their assistance in this project.
Diversity and inclusion is key to the success of
organisations, and increasingly so. Research has
highlighted time and again that organisations with truly
inclusive cultures outperform those without. Diversity of
gender, age, race, cultural backgrounds and thought are
key to the long-term success of organisations. Businesses
who have cultivated an inclusive culture are twice as likely
to meet, if not exceed, financial targets and eight times
more likely to achieve better business outcomes overall.1
With results and business benefits like this it is easy to
understand why so many organisations say they wish to
have a more inclusive culture. However, change is hard
and resistance common, with organisational culture
change a huge challenge.
We are also acutely aware that the Central Bank of Ireland
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 4
Defining diversity and inclusion
Section 1
Diversity and inclusion (D&I) is becoming an increasingly business critical issue across all
industries and sectors. There are a number of macro trends that are shaping the Future of Work
and one of those is diversity and generational change. Top talent and millennials thrive on
diversity and this is creating a business context that is far less homogenous and much more
diverse than it has been in the past. There are seven trends that we should consider when we
think of diversity:
Today, there are greater expectations for organisations to be diverse, inclusive and effectively
operate with a degree of integrity and morality3. Leading organisations recognise the need to
integrate D&I as a comprehensive component of business strategy, woven into all aspects of the
talent lifecycle. The Central Bank of Ireland considers a lack of D&I at senior management and
board level in organisations to be a leading indicator of elevated behaviour and culture risks.4 It is
clear that D&I should be a top-of-mind issue for businesses.
Diversity without inclusion is not enough. Diversity and inclusion combined lead to better business
outcomes … but what does it mean to be diverse and inclusive? While diversity and inclusion are
strongly interlinked, they are in fact separate concepts of equal importance. Diversity refers to
the presence of people who, as a group, have a wide range of characteristics, seen and unseen,
which they were born with or have acquired. These characteristics may include
Global political
environment
This includes
immigration,
nationalism, and
terrorism
Shifting values
The focus on equality,
transparency, and pay
equity in the workforce
is increasing
Globalisation of
workforce
Global networks of
dispersed teams
require working with
different cultures
Demographic shifts
Visible (e.g., generational
and gender) and invisible
diversity (e.g., LGBTQA
and religion) shifts occur in
the workplace and with
customers
What is driving the increased focus on D&I?
Rise of networks of teams
As organisational hierarchies
have flattened, they are
being replaced by networks
of teams that require open
communication and
feedback, regardless of
background
Need for improved
performance
The increasing pace of
change in business
drives the need to be
more innovative, agile,
and avoid group-think
Figure 1.1 Trends in Diversity and Inclusion2
Increasing life spans
Longer career trajectories
may cause the
reconsideration of
traditional retirement
expectations and offer
more flexible work options
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 5
but are not limited to, their gender identity, race or ethnicity, LGBTQA status or disability status.
Diversity fosters creativity, enhances innovation and improves decision making5.
Inclusion, on the other hand, refers to the practice of making all members of an organisation feel
welcomed and giving them equal opportunity to connect, belong, and grow, to contribute to the
organisation, advance their skill sets and careers, and feel comfortable and confident being their
authentic selves.
Research has shown that people feel included when they are treated fairly, their uniqueness is
appreciated, they have a sense of belonging, they have a voice in decision-making, relevant views
are heard and integrated, they are respected and feel they can bring their whole self to work.
Deloitte’s Human Capital Trends Report 20196 indicates there is greater importance being placed
by individuals on being part of an inclusive organisation and, as a result, employees are seeking
out organisations who support them in building esteem, who focus on developing them as
individuals and who create a sense of belonging. However, respondents to Deloitte’s survey
indicated that many of these areas are lacking, significantly. Insurance organisations are
currently challenged with hiring the best talent, particularly in scarce skillsets, but having a focus
on inclusion will make them more attractive to top talent, particularly millennials and ‘Gen Z’s’.
Maintaining an equal balance of diversity and inclusion has been proven to elicit organisational
benefits. It has been shown to enhance employee engagement, improve employer brand, drive
performance and reduce turnover rates.
Holistic view of Inclusion
Figure 1.2 Holistic view of Inclusion
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 6
Organisational Culture
Employee Experience
Building the case for diversity
Section 2
How can you bring diversity and inclusion into your organisation? While many organisations
recognise the need to transform their practices to become more diverse and inclusive, they can
meet challenges in two forms:
1. Building a business case to drive true change in their culture.
2. Translating these aspirations into impactful actions. For many, the depth of change required is
underestimated.
Figure 2.1 Statistics on organisations with inclusive cultures2
Organisations with inclusive cultures are:
2x as likely to meet or exceed financial targets
3x as likely to be high performing
6x as likely to be innovative and agile
8x more likely to achieve better
business outcomes
Organisations with inclusive cultures are more likely to be agile, high performing and meet or
exceed financial targets2. Therefore, to reach the highest levels of performance, a combination of
both diversity and inclusion is critical within your organisation.
The first step in making D&I a key priority is building a business case that leadership can
champion. Research by Deloitte has linked improvements in diversity and inclusion to better
business performance (83%), responsiveness to customer needs (31%), and team collaboration
(42%)6. These outcomes, among others, can support your business case.
Diversity is no longer a programme to be managed – it is a business imperative. The 2017
Deloitte Human Capital Trends report indicated the rising priority level of D&I among executives
compared to previous years7. Over two thirds of executives rated D&I as an important issue,
however it also highlighted the alarming reality gap which showed the majority of companies’ D&I
maturity levels being “very low”. For the dial to be moved on D&I it needs to be proactively
viewed as a C-suite priority, owned by the CEO. Figure 2.2 outlines some of the elements that
should be considered as an organisation develops its business case.
Fig 2.2 Building your business case for investment in D&I
• Industry and regulatory trends
• Regulatory requirements
• Global trends in D&I• Demographic
changes to the workforce
• Outputs from cultural audit and employment engagement surveys
• Identification of high impact areas for investment
• Performance data
• Competitors offerings and practices
• Attrition data including exit interviews
• Talent acquisition trends
• Qualitative data on employees experience of D&I
• Diversity data across organisation
• In-flight D&I initiatives impact assessment
External Imperative
Employer Value Proposition
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 7
‘‘The eight powerful truths’’
Building the case for diversity
The conversation around D&I can be a challenging one for organisations; often, a business case
alone will not be a sufficient trigger for engagement, buy-in and achieving change across all levels
of the organisation. However, ‘‘the eight powerful truths’’8 can be used to accelerate this
conversation, providing support for the business case and helping to close the gap between
aspiration and reality.
‘‘The eight powerful truths’’ include placing a focus on diversity of thinking, and accepting that
diversity without inclusion is not enough. To move the dial, organisations must acknowledge that
inclusive corporate governance is critical for success while also embracing the influence of middle
management within an organisation. It is important to enable middle managers and tap into their
potential to shape the D&I agenda. Organisations should rewire the system to make it easier to
tackle biases and reshape behaviours, setting tangible goals to make ambitions real. Lastly,
organisations have to go beyond tick-the-box programmes and invest in the appropriate level of
effort and resourcing in order to achieve a culture reset.
1
2
3
4
Diversity of thinking is the new
frontier
Diversity without inclusion is not
enough
Inclusive leaders cast a long
shadow
Middle managers matter
5Rewire the system to rewire
behaviours
6Tangible goals make ambitions
real
7 Match the inside and the outside
8Perform a culture reset, not a tick-
the box programme
Figure 2.3 ‘‘The eight powerful truths’’
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 8
Identifying where you are in terms of D&I maturity?
Building the case for diversity
As you move from building your business case for D&I to translating your aspirations into
impactful actions it is important to understand your current practices and identify your
organisation’s current position and goals for the future. The Bersin by Deloitte Diversity and
Inclusion Maturity Model2 provides a framework to do this. Figure 2.4 below provides an overview
of the four levels of maturity that exist across organisations.
Figure 2.4 Bersin by Deloitte Maturity Model Provides a Roadmap to an Inclusive Culture2
*We recognise that organisations can have employee resource groups (ERGs), employee action groups (EAGs), or business resource groups (BRGs). For the sake of simplicity, we are referring tothem all as ERGs, but recognise that they may be one of these other group types in organisations. For reference, we define ERGs, EAGs, and BRGs as forums that connect colleagues with a commonfocus on a specific community to develop leadership roles, management skills, and to help to advance business and talent strategies with a diversity focus.
Level one maturity is predicated on the belief that diversity is a problem to be managed,
with actions generally stemming as a consequence of external mandates or as a response
to complaints.
1
2 At level two maturity, the value of diversity starts to be recognised. This stage is often
characterised by grassroots initiatives (such as employee resource groups*), a calendar of
events, and other HR-led activities (such as mentoring or unconscious bias training).
3 More substantial cultural change begins at level three maturity, when the CEO and other
influential business leaders step up, challenge the status quo and address barriers to
inclusion. By role modelling inclusive behaviours and aligning and adapting organisational
systems, they create the conditions that influence employee behaviours and mind-sets. At
this level, communications are transparent, visible and reinforced.
4 At level four maturity, diversity and inclusion are fully integrated into employee and other
business processes such as innovation, customer experience and workplace design.
Once the present maturity level of your organisation has been established and you have set agoal for the future, you are ready to begin mobilising your diversity and inclusion agenda.
Level 4
Level 3
Level 1
Level 2
Everyone owns D&I. D&I is seen as critical to business strategy and noninclusive behaviours are not tolerated. Talent processes are designed to prevent bias and encourage D&I. D&I metrics are shared and discussed broadly across the entire organisation. D&I reports into a C-suite executive.
Leaders own D&I. Leaders publicly discuss the overall D&I mission, D&I goals, and the value of invisible diversity and broad inclusion. D&I metrics are shared transparently with leaders.
HR / D&I team owns D&I. Focus is on programmes and policies that support D&I, especially mentoring programmes, unconscious bias learning initiatives, and ERG’s / BRG’s.*
HR / D&I team focus on compliance with diversity- related laws and regulations. Any additional focus is primarily on talent acquisition and establishing an external talent brand as a diverse employer.
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 9
Six principles for translating your D&I aspirations into
impactful actions2
Building the case for diversity
Principle 1: Treat D&I as business-critical in terms of the level of visibility andaccountability you attribute to it. Align your D&I strategy with your businessobjectives and connect senior leader compensation with achievement of D&I goals(companies that do this are twice as likely to be innovative and anticipate change, threetimes more likely to be effective at coaching people for higher performance andidentifying and developing leaders).2
Principle 2: Move beyond D&I. Organisations should encourage diversity, but theyshould also place an equal, if not greater, emphasis on inclusion. Discussing the value of“invisible diversity”* is an important indicator of mature D&I organisations. Offerresources and encourage broad participation in building an inclusive organisation.
Principle 3: Prioritise inclusive leadership. Leaders who are personally committed toand demonstrate inclusive behaviours are a hallmark of a mature organisation in terms ofD&I.
Principle 4: Embed D&I into all talent practices. Reinforce an inclusive cultureevery day. Focus on integrating D&I concepts into talent acquisition, capabilitydevelopment, leadership development, and other talent processes. The point is toreinforce the importance of inclusion every day and for all employees throughout theemployee lifecycle.
Principle 5: Provide D&I resources that empower individuals to take action. Offerthese resources to all employees . . . not just diverse populations. While manyorganisations rely on Employee Resource Groups (ERGs) to help diverse talent to navigateorganisations, the mere existence of these groups is not adequate to enable people totake action on their own needs or to respond differently in situations they may encounter.More mature organisations in D&I provide resources that enable individuals to takeactions in their daily lives that are different than they would have without thoseresources. In this way, creating a diverse and inclusive organisation becomes a personalmission that includes activities and behaviours individuals can engage in, as opposed toan initiative they are simply aware of.
Principle 6: Drive accountability, not metrics tracking. Move beyond trackingdata to discussing and doing something about it. It is not enough to solely track D&Irelated metrics. Instead, organisations should create accountability by sharing strategicmeasurements about D&I related activities and their impact. Organisations should alsoencourage senior leaders to discuss achievement on an ongoing basis, reinforce theimportance of D&I being business focused via tracking their goals, and justify their budgetand spending against outcomes.
*Invisible diversity incorporates differing characteristics of an individual which are not visible on interaction including for example, religion, culture, some forms of disability, LQBQTA status etc.
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 10
Inclusive leaders
Section 3
It is clear that there are certain core aspects of leadership which are timeless, such as setting
direction and influencing others. However, a new capability has emerged that is vital to the way
leadership is executed in diverse environments. This is referred to as inclusive leadership.
Inclusive leadership is about treating people fairly, personalising individuals and leveraging the
thinking of diverse groups. Deloitte’s research identified that behaviours of senior executives and
managers can drive up to 70 percent difference between the proportion of employees who feel
highly included and the proportion of those who do not.5
Deloitte has identified the six traits of an inclusive leader9:
• Commitment. Highly inclusive leaders are committed to D&I because these objectives align
with their personal values and because they believe in the business case
• Courage. Highly inclusive leaders speak up and challenge the status quo while remaining
humble about their strengths and weaknesses
• Cognisance of bias. Highly inclusive leaders are mindful of personal and organisational blind
spots, and self-regulate to help ensure “fair play”
Cognisance
Because bias is a
leader’s Achilles' heel
Curiosity
Because different
ideas and experiences
enable growth
Courage
Because talking about
imperfections involves
personal risk-taking
Cultural intelligence
Because not everyone
sees the world through
the same cultural
frame
Commitment
Because staying on
course is hard
Collaboration
Because a diverse thinking
team is greater than the
sum of its parts
Figure 3.1 The six signature traits of an inclusive leader
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 11
• Curiosity. Highly inclusive leaders have an open mind-set, a desire to understand how others
view and experience the world, and a tolerance for ambiguity
• Culturally intelligent. Highly inclusive leaders are confident and effective in cross-cultural
interactions
• Collaborative. Highly inclusive leaders empower individuals as well as create and leverage
the thinking of diverse groups
A leader who embodies these traits operates more effectively within diverse markets, better
connects with diverse customers, and accesses a more diverse spectrum of ideas in the workforce
to reach their full potential. For D&I to become embedded in insurance organisations,
organisations should include these capabilities in leadership assessment and leadership
development procedures. The truth is, the rules of the game have changed and the old “hero”
style of leadership is . . . Old. As the context has become much more diverse, inclusive
leadership is now critical to success.
The diversity and inclusion imperative
Board:
Recent figures from The 30% Club identified that in 2019 almost 30% of Irish listed companies
fail to benefit from gender diversity at board level and are still all male, while the vast majority do
not have female Executive Directors. Irish plcs need to develop a policy of open, competitive,
merit-based appointments with a consistent focus on building well-diversified boards, not just
gender diversification, but true diversification of thought. The first report of the Balance for Better
Business Review Group recently launched targets 33% female directors for ISEQ 20 companies by
202310.
Academic studies show overwhelming evidence that one of the most effective ways to enhance
corporate governance is through board diversity. Simply stated, diversity of thought leads to
diversity of perspectives. One principle of good corporate governance is that independent thought
is required to engender innovation, growth and, significantly, good decision-making. A board
member’s ability to effectively question and challenge management, and other directors, is drawn
from distinct life experiences that are unique to each individual. In addition to this, a fast-
changing world means a mix of perspectives and expertise is more important than ever before in
Ireland’s boardrooms.11
Leadership:
To build diverse boards, a diverse leadership pipeline within the organisation is also required. It
has been identified that behaviours of senior executives and managers can drive up to 70 percent
difference between the proportion of employees who feel highly included and the proportion of
those who do not. Gender balance on executive leadership teams can be represented broadly by
aiming to have at least 40% from each gender. In setting targets the focus should be on
incremental change for organisations and developing on what they currently have. Business
leaders should be encouraged to engage fully with diversity and inclusion initiatives that generate
change and accelerate progress towards gender balance at all levels of leadership.
Organisations:
More broadly organisations will need to adapt if a diverse leadership pipeline and an overall
diverse and inclusive culture is to be created.
If one considers the fact that organisations now operate as networks, it becomes even clearer
that diversity and inclusion can reinforce organisational performance. Research by Deloitte and
other academic institutions demonstrates that diverse and inclusive teams are more innovative,
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 12
engaged, and creative in their work and it has also been proven that when comparing high-
performing teams against lower-performing teams the view that people must feel included in
order to speak up and fully contribute is supported. Organisations need to develop initiatives that
foster an inclusive culture from the time a potential employee becomes aware of the organisation
(e.g. via advertising, social media presence etc.) through to developing and motivating
employees (e.g. unconscious bias training, performance management).
Regulatory requirements
The Central Bank of Ireland have set out clear requirements in relation to expectations of financial
institutions and their cultures, with D&I being a key part of these culture expectations. Key
figures from Central Bank’s Demographic Analysis (2018) shows a pronounced gender imbalance
at board level and in revenue generating roles across the financial system.
According to the study by the CBI, approximately four out of five applications for board positions
were for men, marginally down on 2017 (82%). This remained even more imbalanced for the
Chair of the Board and Chief Executive positions, 84% of which were for men. Female applications
remained higher for risk (28%) and control functions (e.g. compliance 41%) roles than the
average, and starkly higher than in those roles responsible for driving revenue with businesses
(for example, Chief Executive, Head of Retail Sales, Head of Underwriting, etc.12. This is in line
with a study conducted by The 30% Club in 2018, on women in financial services, which revealed
that the benchmark of female representation for financial services in Ireland tells us that while
the general population is equally balanced, significant differences emerge as you progress to
more senior levels13.
To mobilise the D&I agenda, leaders must embrace the six signature traits of an inclusive leader,
build out the D&I roadmap, track progress and foster accountability across the journey.
“There are increasing numbers of studies that show that diversity is acompetitive differentiator; specifically, that when companies embrace genderand ethnic diversity at the leadership level, they are more likely to besuccessful - or to put it another way, they are less likely to fail”3
Ed Sibley, Central Bank of Ireland
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 13
Practical considerations to action D&I
Section 4
As seen on page eight of this report, Deloitte research identifies four levels of D&I maturity: (1)
compliance-focused diversity, (2) programmatic D&I, (3) leader-owned D&I, and (4) inclusive
culture. Moving from one maturity level to another requires a significant level of effort,
investment in resources and visible and clear support from leadership. Outlined below and
overleaf are starting points to progress from one level to the next and corresponding sample
activities. It is assumed organisations start at a minimum of ‘Level 1: Compliance-Focused
Diversity’.
Progressing from compliance-focused diversity to programmatic D&I involves shifting from a
compliance mind-set to one in which D&I is valued enough that organisations will invest in D&I
programmes and policies.
Moving from a programmatic D&I culture to leader-owned D&I, poses a leadership challenge.
Leaders must be engaged in order to recognise that D&I is not the responsibility of HR, a
dedicated D&I group, or the programmes or policies in place. It is the responsibility of
organisation leaders to own the D&I agenda.
Build leader support for D&I beyond compliance
Begin to create a broad coalition of individuals
engaged with D&I issues
Introduce high-impact programmes that raise awareness and enable
behavior change
• Share research data which supports the case that more diverse and
inclusive organisations perform better
• Create experiences that help to make the need for diversity and
inclusion more personal for leaders
• Launch a series of ERGs (Employee Resource Groups) that can
engage a broad network of employees
• Create formal governance councils that can help to address specific
D&I needs throughout individual business units / functions
• Launch a limited number of programmes that personalise the need
for diversity and inclusion programmes (e.g., normal or reverse
mentoring programmes, unconscious bias programmes)
• Ensure all programmes include specific actions that can result in
behaviour change
Starting point Sample activities
Provide leaders with stories and other
resources to talk about the positive impact of D&I
in the organisation
• Work with ERGs to identify examples of how D&I has positively
impacted employees or the business
• Collaborate with people analytics teams to identify and compare
business outcomes (e.g., revenue, customer satisfaction, time to
market)
Starting point Sample activities
Level 2
Level 3
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 14
Moving from leader-owned D&I to an inclusive culture means embedding D&I as a business value.
Communicate in a varietyof forums that D&I is
business-critical
Build in processes to address
bias in critical talentactivities
Hold leaders at all levelsaccountable for improvement
on D&I metrics
• Adjust D&I’s reporting line, so that a C-suite executive is ultimately
responsible for it
• Publicise specific examples of how and why D&I is core to business
strategy
• Enhance public support of D&I efforts, internal and external to the
organisation
• Create processes that encourage leaders to consider bias when
determining stretch goal assignments, conducting succession
planning, and assessing talent
• Integrate D&I competencies into talent management practices and
specifically coaching programmes
• Share diversity metrics with all employees
• Tie a portion of senior leader compensation to D&I metric
achievement
• Create a D&I steering committee that will advise the board of
directors and internal leaders on their D&I practices
Starting point Sample activities
Identify specific activities—especially
critical decision points—that leaders
can use to reinforce their D&I
commitment and make them aware
of these opportunities
Share D&I metrics with leaders, and provide
guidance on what and with whom they can share information
• Make leaders aware of critical decision points that affect the
representation levels within the talent pipeline (e.g., candidate
slates, succession slates, promotion decisions, leadership
development opportunities)
• Provide leaders with relevant information during these critical
decision points
• Identify D&I metrics critical to understanding D&I in the
organisation (e.g. Recruitment outcomes in relation to equal
opportunities, tracking completion of unconscious bias training)
• Develop dashboards and tools that will enable leaders to access
data in real-time and continuously
• Develop and distribute guidelines on those with whom certain types
of D&I metrics can be shared
Starting point Sample activities
Level 4
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 15
When it comes to an organisations D&I journey and their progression through these levels, there
are various critical success factors to consider:
• Leadership accountability. Inclusion usually comes from the top. Leadership accountability
starts with top-level leaders to set the tone of an inclusive culture, create open forums for
discussion and lead by example demonstrating that diversity and inclusion is a critical part of
the business.
• Champions of change. Create a powerful task force that consists of internal influencers and
diverse business lines to champion the change.
• Develop an inclusion strategy. Develop a strategy for an inclusive culture, that starts with
leadership and then implements programmatic initiatives that cascade into policies and
processes.
• Identify metrics and targets. Leverage baseline metrics, set meaningful targets that can
show progress of the strategy, then track and communicate progress regularly.
• Uncover and disrupt bias. Become aware of how unconscious bias impacts behaviours and
how to disrupt those biases to ultimately make teams more collaborative and inclusive.
• Set talent up for success. Understand diverse talent mapping processes including talent
acquisition, performance management and succession planning.
• Embed in business. Embedding diversity and inclusion in business strategy and into the
organisation’s core values leads to an increase in business performance.
By identifying key metrics to be reviewed on a regular basis, the progress of the organisations
D&I agenda can be tracked. Examples of potential data sources include:
• Profiles of employees from recruitment to retirement
• Data on inclusion experiences
• Pulse checks to track employee’s perception of diversity and inclusion
• 360 inclusive leadership survey
With only 4% of millennials expressing a desire to work in the insurance sector, attracting and
retaining talent will undeniably be a major challenge for organisations. Insurance organisations
that take D&I seriously and embed an open and trusting culture are more likely to experience
positive employee engagement, better business outcomes and lower turnover rates as employees
feel valued, respected and heard. According to the Deloitte Millennial Survey ‘good pay and a
positive culture attracts millennials, but diversity, inclusion and flexibility are important keys to
engagement’ 14.
Significant change will not happen until insurance organisations go beyond tick-the-box
programmes and invest the appropriate level of effort and resourcing in creating diverse and
inclusive cultures.
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References
1. Here Are the Benefits of Inclusion and How to Create an Inclusive Culture, 2018.
2. High-Impact Diversity and Inclusion: Maturity Model and Top Findings, Bersin, 2017.
3. Global Human Capital Trends Survey, 2018; The rise of the social enterprise.
4. The Importance of Diversity – Speech by Deputy Governor Ed Sibley, CBI, November 2017.
5. Waiter, is that inclusion in my soup? Deloitte.
6. Global Human Capital Trends Survey, 2019; Leading the social enterprise.
7. Global Human Capital Trends Survey, 2017; Rewriting the rules for the digital age.
8. Deloitte Review: The Diversity and Inclusion Revolution – Eight Powerful Truths, January 2018.
9. The Six Signature Traits of Inclusive Leadership: Thriving in a Diverse New World, Deloitte
University Press, April 2016.
10.Balance for Better Business - First Report, Government of Ireland, 2019
11.Diversity in the boardroom, Institute of Directors in Ireland, 2017.
12.Demographic analysis – Applications for Pre-Approval Controlled Functions (PCF) roles in
regulated firms, 2018.
13. Making the change count - A study of women in financial services in Ireland, 30% Club,
January 2018.
14. 2018 Millennial Survey, Deloitte.
Insurance Ireland/Deloitte – Diversity & Inclusion© 2019 Deloitte Ireland LLP. All rights reserved 17
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